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Data Analytics in Retail Banking
Advancements in data analytics technology are transforming retail banking and other banking operations on a scale that is second only to blockchain technology. It is majorly because the present environment demands banks to build a durable relationship with their customers. Data analytics can help banks create a seamless banking experience that will anticipate customers’ expectations in advance.
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How is data analytics transforming the retail banking sector?
Data analytics is becoming ubiquitous in most parts of the digital lives of consumers. Therefore, various leading banks are providing digitized solutions to their consumers to deliver the right offer at the right time. They can also predict fraud so that they can grab the opportunity of enhanced cross-sell rates and reduced risks.
Many of the banks believe that big data analytics has the potential to offer a significant competitive advantage. Even more, data analytics integration is going to determine their success in the future.
Banks running effective programs based on data analytics can see their costs dropping dramatically and increasing higher revenues.
The retail banking sector is also planning prescriptive analytics to identify what to recommend to their consumers and convince them to take any certain actions.
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Examples of Data Analytics in Retail Banking
Here are some of the most important use cases of data analytics in retail banking that you must know:
– Offer personalized services based on the historical data of consumer’s profiles to improve customer satisfaction.
– Send recommendations regarding the next best product to buy via deep insights to cluster customers and prospects accurately in segments, as per their probable needs.
– Automating the operations of personal finance management offers customers a holistic view of their overall finance
Which companies are using Data Analytics in Retail Banking?
Here are some real-world examples of companies that are utilizing the technology of Data analytics in retail banking. These examples will let you know how these organizations are reaping benefits from data analytics in retail banking.
So, here we go:
1. Lloyds Banking Group in the UK said the group is working with Google and utilizing its tools such as Google Big Query and Data Flow. They are utilizing these tools to analyze their customer behavior for a better understanding of their requirements. By this, they will be able to deliver their required solutions in real-time.
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2. The US Bank in the United States has also deployed an analytical solution that is integrating data from both offline and online channels to provide a unified view of customers. It helped the bank improve its lead conversion rate by above 100%, and it is now capable of delivering a personalized and better experience.
3. Garanti Bank in Turkey is also analyzing their consumers’ past spending habits to send alerts about the latest deals on their mobile application accordingly.
Conclusion
Overall, data analytics can help the retail banking sector to improve customer experience and offer them a more personalized experience in the best possible way. Ultimately, it will help in improving customer retention and their loyalty to your organization. This new technology is definitely a big win for retail banks.
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The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.
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